McLean defends CUC shares

Minister Arden McLean revealed he owns 1,000 shares in Caribbean Utilities Company as he refuted claims that he owned a large number of shares in the utility company for which he signed a new exclusive licence earlier this year.

Mr. McLean, who as Minister for Communications, Works and Infrastructure, signed the 20-year licensing deal with CUC to exclusively distribute electricity in Cayman, angrily denied that he was a big shareholder in the company.

He said that he had been accused by members of the Opposition and a talk show host of ‘owning big shares in CUC’.

A former employee of CUC, Mr. McLean said he had been given 100 shares in the electricity company after he completed 10 years of service, and had been given another 150 when he reached 15 years. Under a dividend reinvestment plan, those shares had multiplied to 1,000.

‘I put them in my two children’s names. I was entitled to them for long service to that company. I did not buy one share in CUC,’ he said, during a debate on the Strategic Policy Statement in the Legislative Assembly on Monday.

He said at $6 a share, his boys’ shares were now worth about $6,000.

‘You think I could be corrupted for $6,000?’ Mr. McLean demanded as he addressed the Opposition in the Assembly.

‘Now, maybe, just maybe, [the Opposition members] will tell the country how much they bought,’ Mr. McLean said.